Bursa Malaysia opens lower, mirroring Wall Street losses

Bursa Malaysia opened lower today, mirroring Wall Street's overnight decline as investors stayed cautious due to ongoing economic uncertainties linked to the US tariff situation. 

At 9am, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped three points to 1,473.92, compared to Wednesday's close of 1,476.92. 

The index opened 1.75 points lower at 1,475.17. 

The broader market was negative, with decliners outnumbering gainers 232 to 91. A total of 212 counters were unchanged, 1,875 were untraded, and 19 were suspended. 

Turnover amounted to 141.63 million shares, valued at RM64.54 million. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street slumped despite a strong opening as sentiment was subsequently rattled by Fed Jerome Powell's warning on the US economy. 

He said this is coupled with Nvidia's US$5.5 billion quarterly charge related to exporting its chips to China and other nations, inciting a tech sell-off. 

"On the local front, the FBM KLCI closed lower at almost the 1,475 mark as hopes for a sustainable uptrend evaporated due to the absence of buying interests amid a weak regional performance.  

"As funds are becoming increasingly "risk-off", many are opting for gold as a safe haven," he told Business Times. 

Thong expects the index to hover within the 1,470-1,480 range today.

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